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forty_three
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No, this has nothing to do with football players making 20 bucks an hour in the off season doing "construction".
Council OKs deal to buy Nationwide Arena | The Columbus Dispatch
It means that the "boo-hoo, we're 'losing' money" red herring worked.
Here's how it kinda started:
Nationwide paid to build the Arena and owns pretty much everything in that area of the city.
All of Ohio voters approved Casinos being built, except Columbus where 80% of the voters rejected it.
Nationwide said "not in my backyard", and pushed to have the Casino moved to an area of town that already has a lot of Pawn Shops, Strip Clubs and property crime.
The Blue Jackets claim to have been "losing" 10 million a year, when in actuality they just weren't making the ten million on naming rights.
So, despite passionate objection, the Casino is moving forward and they Casino owners are being held to their initial promise of revenue, which the city is using to buy the Arena from Nationwide. Nationwide, in turn, is going to turn the money they make selling the Arena back into the team AND buying the naming rights to keep their name on it.
Nationwide gets: A stake in the team, their Arena district stays clean, they still own all the parking structures and they make +/- 20% on their initial build investment.
The City gets: The Arena, essentially for free (New revenue they would have otherwise had to spend on unemployment benefits and lost tax revenue had the team moved). Outright ownership of the Convention Center and Arena downtown that they can use to attract and make money off of conventions and events. Plus concession revenue.
The Team gets: Infusion of money through new ownership and naming rights. A stable long term lease, and a sweetheart lease deal to be the anchor tenant.
The Fans get: Hockey. 6 dollar beer and 4 dollar hot dogs. Everything we've always gotten, actually.
Council OKs deal to buy Nationwide Arena | The Columbus Dispatch
It means that the "boo-hoo, we're 'losing' money" red herring worked.
Here's how it kinda started:
Nationwide paid to build the Arena and owns pretty much everything in that area of the city.
All of Ohio voters approved Casinos being built, except Columbus where 80% of the voters rejected it.
Nationwide said "not in my backyard", and pushed to have the Casino moved to an area of town that already has a lot of Pawn Shops, Strip Clubs and property crime.
The Blue Jackets claim to have been "losing" 10 million a year, when in actuality they just weren't making the ten million on naming rights.
So, despite passionate objection, the Casino is moving forward and they Casino owners are being held to their initial promise of revenue, which the city is using to buy the Arena from Nationwide. Nationwide, in turn, is going to turn the money they make selling the Arena back into the team AND buying the naming rights to keep their name on it.
Nationwide gets: A stake in the team, their Arena district stays clean, they still own all the parking structures and they make +/- 20% on their initial build investment.
The City gets: The Arena, essentially for free (New revenue they would have otherwise had to spend on unemployment benefits and lost tax revenue had the team moved). Outright ownership of the Convention Center and Arena downtown that they can use to attract and make money off of conventions and events. Plus concession revenue.
The Team gets: Infusion of money through new ownership and naming rights. A stable long term lease, and a sweetheart lease deal to be the anchor tenant.
The Fans get: Hockey. 6 dollar beer and 4 dollar hot dogs. Everything we've always gotten, actually.
